§ 71. Mr. Stonehouseasked the Secretary of State for the Colonies what change there has been in the Uganda Government interest in the Uganda Fish Marketing Corporation; and what the Government's policy is for the future of fish marketing in Uganda.
§ Mr. ProfumoThe Uganda Government have no direct interest in the Uganda Fish Marketing Corporation (T.U.F.M.A.C.), but the Uganda Development Corporation, of which the Government are the sole shareholders, was the majority shareholder in T.U.F.M.A.C. until recently when it sold 33,000 £1 shares at par to Fresh Foods Limited and converted 85,000 ordinary £1 shares into 6 per cent. cumulative redeemable preference shares. Fresh Foods Limited now holds a controlling equity interest and is also providing the management.
Government policy is to develop fish marketing by Africans, who already handle 90 per cent. of the fish from Uganda lakes, by improving efficiency in transportation, distribution, storage and handling methods and by issuing loans to fishermen and fishmongers through the African Loans Fund.